Regulation D: Reserve Requirements of Depository Institutions

Document 2021-19280 is a Final Rule published by the Federal Reserve System in the Federal Register on September 8, 2021, with an effective date of September 8, 2021. The Board of Governors of the Federal Reserve System ("Board") is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate of interest paid on balances maintained at Federal Reserve Banks by or on behalf of eligible institutions ("IORB" rate). The final amendments specify that the IORB rate is 0.15 percent, an 0.05 percentage point increase from its prior level. The amendment is intended to establish the IORB rate at a level consistent with maintaining the Federal funds rate in the target range established by the Federal Open Market Committee ("FOMC" or "Committee"). This amendment does not reflect a change in the stance of monetary policy. The Board is also making certain conforming deletions for clarity to the provisions of Regulation D governing interest payable on balances at Reserve Banks. View the original at https://www.federalregister.gov/documents/2021/09/08/2021-19280/regulation-d-reserve-requirements-of-depository-institutions.

No. Document 2021-19280 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.